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FTX forewarns exchanges to freeze stolen funds to prevent hacker cashing out FTX forewarns exchanges to freeze stolen funds to prevent hacker cashing out

FTX forewarns exchanges to freeze stolen funds to prevent hacker cashing out

Exchanges cautioned to be on high alert in preparation to freeze assets should the hacker attempt to cash out.

FTX forewarns exchanges to freeze stolen funds to prevent hacker cashing out

Cover art/illustration via CryptoSlate

FTX announced on Nov. 20 that exchanges should remain alert regarding unauthorized fund transfers from FTX Global and related debtors on Nov. 11.

The transfers sent out were through intermediate wallets and FTX warned exchanges to take all measures to ensure the unauthorized funds be seized and returned to the bankruptcy estate.

Prior to the FTX announcement, blockchain data platform, Chainalysis tweeted out a thread explaining that funds stolen from FTX were on the move and that exchanges should be ready to freeze them if the hacker decides to cash out.

Chainalysis clarified that reports suggesting FTX’s stolen funds were sent to the Securities Commission of The Bahamas (SCB) were false. The Chainalysis team verified that some of the funds had indeed been stolen but some funds were sent to the regulators.

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